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Moody's: Daiwa's partnership with Japan Post Holdings is credit positive

Daiwa Securities Group Inc.'s partnership with Japan Post Holdings Co. Ltd. in supporting the asset-building of Japanese individuals is credit positive, Moody's said.

The rating agency said May 20 that the partnership is credit positive for Daiwa Securities Group and Japan Post Holdings' unit, Japan Post Bank Co. Ltd., as it would significantly expand the group's customer contact by giving it access to Japan Post Bank's wide retail client base.

Earlier in May, Daiwa Securities Group and its unit, Daiwa Securities Co. Ltd., entered into an agreement with Japan Post and unit Japan Post Bank to strengthen their collaboration in supporting the asset-building of Japanese individuals.

Moody's notes that the partnership would help increase Japan Post Bank's investment trust sales by introducing new competitive products that strengthen its net fees and commissions. It also expects Daiwa Securities' access to Japan Post Bank's clientele to strengthen its retail and asset management divisions' profitability.

While an action plan has not yet been decided, the rating agency anticipates that Daiwa Securities and Japan Post Bank would develop investment trusts together and sell them through the bank's network.